Excluding credit loss reserves, Chase posted earnings of $5.23 per share. Analysts expected $4.85 per share, according to FactSet, but some analysts didn’t update their forecasts after Chase bought the Apple Card portfolio last week.In a statement, Dimon remained optimistic about the overall health of the U.S. economy.
“Although labor markets have softened, conditions do not appear to be deteriorating,” he said. “Meanwhile, consumers continue to spend and businesses remain generally healthy. These conditions may persist for some time, especially with continued fiscal stimulus, the benefits of deregulation and the Fed’s recent monetary policy.”
The bank’s revenues were $45.8 billion in the quarter, up 7% from a year earlier.
Shares of the New York-based bank fell about 3% to $314.74 in morning trading. JPMorgan launched this week together with The Bank of New York Mellon Corp. the bank profit session. While investors will listen carefully to Wall Street’s health, recent developments in Washington may divide their attention. President Donald Trump announced Friday that he wants to cap credit card interest rates at 10% and is backing bills in Congress to do so.
Federal Reserve Chairman Jerome Powell said Sunday that the Justice Department has served the central bank with subpoenas and threatened criminal charges over his testimony this summer on the Fed’s building renovations.
The move represents an unprecedented escalation in Trump’s battle with the Fed, an independent agency he has repeatedly attacked for not cutting his key interest rate as sharply as he would like.
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